Are you looking to save even more at Costco? Consider the newest level of membership – executive.
As a Costco member, you’ll know the drawcard of membership is access to a wide range of quality items with top-notch savings. In June this year, Costco launched Executive Membership and an accompanying new range of Costco Services, giving members access to even more value. What does this mean? Not only the chance to earn money back as you shop, but also access to potential savings on household expenses – so you can experience Costco value even when you leave the warehouse.
What is Executive Membership?
Characterised by the black card, Executive Membership is a staple overseas. “Executive Membership is part of our everyday culture in the US,” explains Taunya Davis, Costco Adelaide’s Warehouse Manager and former Costco United States employee. “I remember when my husband first signed up for Executive Membership – he was so excited to show everyone that he was part of the exclusive club!”
Megan Belanger, Costco Australia and New Zealand’s Membership and Executive Services Manager, explains that after years of building up Costco’s presence and working on a value-packed range of services, the Australian market is finally ready. “The Executive program is standard across the world, but our suite of services is unique because we’ve designed it with Australians in mind,” she says. “Anyone who knows the value it delivers in our sister countries understands how exciting it is to have it in Australia.”
“The plan is that our members will find savings in the service, and switch if they save money, then on top of that our Executive Members will save even more.”
Two percent reward
The overarching benefit of Executive Membership is the two percent annual reward: members can earn up to $1000 back on their purchases depending on how much they spend within the year. “Consider two percent of the price of items you’re planning to purchase,” Belanger explains. “For example, if you’re looking for a new vacuum cleaner and find Costco has the lowest price on the model you’re after, keep in mind that you’ll get a two percent reward on top of that.”
Members earn with every shop, although there are exclusions: the membership fee, fuel, bullion, Shop Cards, food court items, donations and GST. Savings are shown at the bottom of each receipt and total accrual can be tracked in the Costco app. Ten days before membership expiry, members will be able to use their reward – which can be accessed directly from the register.
Costco Services
The new suite of Costco Services is available to all membership holders, but Executive Members receive additional benefits. “We thought: What are the bills our members are paying outside of the warehouse – kind of those grudge bills – and how could we save them some money?” Belanger says.
The four launch services are: nib for health insurance, and compare and connect for life insurance, utilities and internet. “The plan is that our members will find savings in the service and switch if they save money, then on top of that our Executive Members will save even more,” Belanger explains. These savings will come in the form of Shop Cards and will vary depending on the service. For example, all members who want to change their electricity or gas provider can upload their bill online for compare and connect to find the best market rate; they will even take care of the changeover process. On top of this, Executive Members will receive a $70 Shop Card if they switch electricity providers, and $50 if they switch gas.
Although the deals will be different, Australian members can expect a similar level of value and ease to their counterparts overseas. “When I was back in the US, I refinanced my house using a limited-time offer – I saved on my mortgage rate and got a Costco Shop Card,” Davis says. “For my family of four, this was an incredible benefit. The paperwork was so quick and easy to complete, too.”
The highest level of membership
WHAT TO CONSIDER
- Executive Membership represents value for all kinds of existing and new members. “Executive Membership is for everyone – anyone who’s interested in reducing their grocery and general operating costs, whether it’s for home or your business,” says Belanger.
- The launch offering is only the beginning, as more services are on the horizon – think storage, phone plans and more to help with household expenses. Also, keep an eye out for Executive Member-only offers on merchandise.
THE DETAILS
Here’s what else you should know before you upgrade:
- Executive Members will receive one free household card.
- When upgrading from a Business Membership, extra employee cards will be available for a fee – but only primary and household cardholders can earn rewards.
- Existing members who want to upgrade halfway through the year will only pay an upgrade fee, rather than the whole $130 cost.
